I’m Miserable: One big bad money habit

Hi Friend,

Do you spend more when shopping than intended?

Do you buy products but never use them?

Do you shop to reduce stress and anxiety?

These are some reasons that cause one big bad money habit.? Overspending.

Many of us spend our entire adult lives battling overspending. We are being attacked by something that we don’t understand.?

I want to be clear, some of us have more than enough money but don’t know where it is going.

Let’s gain a better understanding of the enemy.

What is overspending??

The act of spending more than you have or plan for a product or service. Another way of saying it, spending more than you make.

When your wants come before your needs. You could be overspending.

Childhood experiences can play a major role in learning how to overspend.?

Unstable family values and conditions also contribute to forming bad habits.

Young minds take shape through observing and listening to parents.

Children see and hear when parents are least aware.

Some families overspend to improve self esteem or social status.?

The rush of the pleasure fades in a short time. As a result the buying cycle repeats.

By the age where you can first establish credit the overspend mindset is ready to go.

Often overspending is to resolve how we see ourselves and how others see us.

For example:?A person trying to lose weight decides to buy luxury workout equipment.

A person trying to increase their self esteem decides to buy an extra expensive suit.

A person decides to go shopping to avoid thinking about a money fight with their spouse.

There are a lot of reasons why we overspend. The most common reason is you are something different than what you want to be.

Overspending Effect

We buy things searching for happiness.

It’s ok to overspend once in a while.

Yet if it becomes a habit the results can be harmful.

When you don’t have enough money to spend, you will use credit cards or borrow money to cover the expenses.

The higher the debt you use on a daily basis, the harder it is to get credit.

When you apply for good credit, for a home or car you risk rejection. You may only qualify for a higher than normal interest rate.

It is hard to gain traction because you are constantly paying off past debt with your current income.

You may overspend to avoid relationship rejection.?

You may crave the need to take care of other people's money problems.

Worrying about risk can be linked to overspending. You don’t trust anyone with your money.?

As a result you spend it to avoid the issue.

Worrying can increase your stress level and cause health problems.

For example: sleep loss, high blood pressure and appetite problems. This will increase medical bills and debt.

These effects can lead to your money strains. Your day-to-day life and well being will be at risk.

Overspending can be more harmful than you think.?

How to control Overspending

The good news is that bad habits can be changed and roadblocks removed.

It is vital that you alter your thoughts, feelings and habits about money.

Giving thought to why you feel and behave the way you do can start the change process. Better decision-making and less impulse will follow.

Here are some questions to ask yourself before overspending:

How am I feeling?

Do I need it?

Can I wait to buy it?

How will I pay for it?

Asking yourself these questions can help you challenge and change your overspending habit.

Usually after waiting a few days the urge to overspend will disappear. The reason for waiting is to take the emotions out of overspending.?

For large purchases such as a home or car it will take more time for the emotions to settle.

Be mindful that small purchases and accessories for expensive items can add up.?

For example: Buying a boat with bells and whistles.

In the end, remember that change is possible. Be aware of your money, thoughts, feelings, and habits.?

Challenge yourself and change your overspending habits. Ask yourself critical questions before making purchases.?

Small positive changes can lead to big improvements in your money and health. These tips can help break the overspending cycle.?

What I’ve Learned?

Overspending is like a bandage on a wound; it feels good momentarily, but doesn't address the root cause. True financial well-being comes from understanding your spending habits and taking control, not just covering them up.

Guest Author

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Knock out these money-related tasks now.

• March is credit education month and a great time to pull your free credit report.
• File your taxes. Submit your return as soon as you're ready before the deadline.
• Start planning for the 2nd quarter. Budget for the next 3 months.

You don't have to keep stressing. If deep down you know that you are not happy with your money, book a call today.?

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